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ChainCatcher News, CryptoQuant CEO Ki Young Ju shared a series of on-chain data about Bitcoin and expressed the following main analytical viewpoints: 1. The unrealized profits of whales are not extremely high. This could mean one of two things: "The hype hasn't arrived yet—we are still far from euphoric sentiment." Or, "This time is different—the market is too large to allow for excessively high profit margins." 2. Bitcoin's hashrate continues to hit new highs (about 5.96 million ASIC miners online). Publicly listed mining companies are expanding rather than downsizing, which is a clear long-term bullish signal. 3. The current demand is mainly driven by ETF and MicroStrategy, but buying activity from these two channels has slowed down recently. If these two channels resume growth, market momentum may reappear. 4. Short-term whales over the past six months (mainly ETFs) are close to breakeven. Long-term whales have realized about 53% profit. In the past, the market showed a clear four-year cyclical fluctuation, with accumulation and distribution between retail and whale investors. Now, it is more difficult to predict where and at what scale new liquidity will flow in, making it less likely for Bitcoin to follow the same cyclical pattern again. 5. The average cost of Bitcoin wallets is $55,900, which means holders are on average about 93% profitable. The realized market cap continues to rise (an increase of $800 million this week), indicating that on-chain capital inflows remain strong. The price increase is not due to selling pressure, but rather due to weak demand.

Jinse Finance reported that on November 3, Leung Fung-yee, CEO of the Hong Kong Securities and Futures Commission (SFC), stated at Hong Kong Tech Week 2025 that the SFC's new policy will allow licensed virtual asset trading platforms to connect with overseas liquidity through affiliated overseas platforms, while implementing multiple safeguards to reduce settlement and integrity risks. For example, overseas virtual asset trading platforms are required to implement delivery-versus-payment and prepayment arrangements, establish a reserve fund in Hong Kong for compensation purposes, and launch a joint supervision program, aiming to strike an appropriate balance between convenience and protection. She emphasized that Hong Kong's regulatory regime is renowned for its visibility and transparency, providing clarity, certainty, and consistency for the market, thereby enhancing the confidence of market participants and supporting sustainable market development. The SFC has taken the lead in adopting the principle of "same business, same risk, same rules," actively participating in the International Organization of Securities Commissions' development of regulatory principles for central digital asset platforms, and promoting the adoption of similar standards in regulatory frameworks, including the Markets in Crypto-Assets Regulation. These coordinated efforts help strengthen connections and interoperability between markets.